India, US progress towards reaching interim trade deal

India and US advance toward interim trade deal after four-day talks, say sources. Indian and U.S. negotiators made progress in their latest round of talks in New Delhi on Tuesday on a bilateral trade deal. The trade talks focused on market access for industrial and some agricultural goods, tariff cuts and non-tariff barriers, Indian government sources said. The U.S. delegation, led by senior officials from the Office of the U.S. Trade Representative, held closed-door negotiations with Indian trade ministry officials headed by chief negotiator Rajesh Agrawal.

A bilateral trade deal between the two countries has become necessary after US President Donald Trump imposed higher tariffs on imports into USA.

US small business sentiment improved in May, but uncertainty rising

Meanwhile, U.S. small-business confidence improved in May, likely because of a de-escalation in trade tensions between Washington and China, though uncertainty over the outlook mounted amid worries over the fate of President Donald Trump’s tax-cut agenda. The National Federation of Independent Business said on Tuesday its Small Business Optimism Index increased three points to 98.8 last month, rising for the first time since December.

US President Donald Trump’s Tax & Spending bill is now in  the Senate after passing through the House of Representatives. It is facing increased scrutiny in the Senate. It will provide tax reliefs to businesses but will increase US Fiscal deficit significantly.

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Source: US Congress